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HIGH COURT MALAYA, KUALA LUMPUR
ARAH CIPTA SDN BHD – Appellant
Versus
PIALA GAGASAN (M) SDN BHD & ANOR – Respondent
| Table of Content |
|---|
| 1. claim for return of shares money based on statutory breaches. (Para 1 , 4 , 5 , 6 , 10 , 15) |
| 2. defendant's claims about entitlement vs plaintiff's lack of profit. (Para 2 , 3 , 19 , 30) |
| 3. requirements for redemption of shares under companies act. (Para 22 , 23 , 24 , 25 , 26) |
| 4. insufficient profit to justify share redemption. (Para 51 , 52 , 60) |
| 5. court ordered return of payments due to statutory violations. (Para 97) |
Introduction
[1] The plaintiff, Arah Cipta Sdn Bhd has claimed against Piala Gagasan (M) Sdn Bhd ("the first defendant") for the return of RM4,678,391.97 paid to the first defendant for the purpose of redeeming the redeemable preference shares ("RPS Shares") held by the first defendant in the plaintiff's company.
[2] The plaintiff's position is that the money received by the first defendant is in breach of s. 61(3) of the Act because the defendant was not making profit and also undue preference committed by the first defendant under s. 365(1) of the Companies Act 1965 ("the Act") . However in the course of the trial, learned counsel for the plaintiff informed the court that the plaintiff's claim is only in respect of the breach of
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